ADA has created a rather nice basing pattern Has 2 higher highs, 1 proper retracement 1 more proper retracement will signal reversal Price has broken through its resistance at 2.57 BTC has made bullish price decision
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021 ADA Summit Sep 25-26 2021
So, things are looking up for ADA at the moment. We have a strong basing pattern and a good amount of consolidation at the 2.40 level which created more support. Price has made 2 higher highs and though we only have 1 proper retracement for the movement, we have a hint to where the price may retrace to. If that retracement occurs and settles at a level noted on the chart, a short term reversal will be signaled. The base that has formed will likely give it enough momentum to push forward. Overall, the market doesn't look bad but things can always change. I would like to see more volume. However, once a reversal signal occurs, you can expect bulls to return to the asset. ADA was in deep waters due to the liquidation event, and showed for now that it can pull through which is a very good sign if you are long on the asset. Things are looking good, and I would like to see further consolidation before the asset decides to move forward. I will continue to keep an eye on the asset, if you are worried about further pullbacks, set your alerts on the chart at the support level. Personally, the price is a little too high for me to enter again, so I will likely find another promising asset to throw money at (there are plenty right now). I will continue to watch ADA and update everyone as much as possible. Again, try to remain calm, be patient, and realize that movements like this happen regularly. You always have time on your side.
lso, it is worth mentioning that TradingView has reached out to me and offered me very kind words, and showed me some support. I thought that was very nice of them and it was very unexpected. Though, I never planned for any of this to happen at all. I was constantly making charts for myself and my friends and some of them suggested I post them publicly. I never imagined any of this would happen, if I did, I would have waited until I had a bit more free time LOL. However, it makes me really happy to know that people are learning from my charts and hopefully it will encourage you all to learn technical analysis for yourselves! In a couple weeks I will have more time to make the educational content you have been asking for, and I will likely chart a wide spectrum of assets. Thank you again for all of the support, it means more to me than you know!
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Tell me what you think?
This is not financial advice. DYODD.
Comment
⋅
A retracement past 2.53 would also signal reversal. A valid retracement is 30% to 60%. Cheers!
Comment
⋅
I should also mention the inverse H&S pattern with perfect neckline (look at basing pattern).
Comment
⋅
Price will need to settle at the point I mentioned on my chart and create a valley by starting to move upward.
Comment
⋅
And just like that, you have confirmation of a short term uptrend. Trends are questioned and either confirmed or denied at every peak and every valley. It is because of this that a trend will always live in an environment of uncertainty. I hope you all enjoyed this example which worked out rather perfectly, and I hope this helps you understand trend analysis a little better. Thanks again!
Comment
⋅
Note!!!!!!!
Please do not post my charts on other people's posts in order to say they are wrong. People have different opinions and different takes on technical analysis and that is ok. For example, I do not use a lot of technical indicators for crypto, I focus on patterning, trends, and candles. There is no right or wrong way to do this. I have studied it all and I have my own style. I just know what works for me. That being said, I do not want upset analysts coming to my page because someone posted my chart on their page saying they are wrong. I understand why that would bother them, because I would not like it either. Therefore, please refrain from doing so, everyone is entitled to their own opinion and no one is right 100% of the time. If you are not learning everyday you are not growing and that includes me as well. Please respect other analysts with the same respect you show me. Thanks again everyone!
Comment
⋅
If you take a look at the chart, you will see rounded portions of the price movements. What you are seeing is a fight between the bulls and the bears trying to wrestle control of the price. Interesting right?
Comment
⋅
Reversal is not looking great right now, BTC's base has broken down leaving it vulnerable to bearish pressure. It is basically a big channel sticking our horizontally at the moment, very weak pattern. Set alerts and stop losses.
Comment
⋅
ADA looks better than BTC does, but that is besides the point, if BTC falls, so will ADA, so just be aware.
Are you planning to you start your Youtube Channel?
mysticalwalrus
⋅
@ktrinh042, Maybe down the road, I used to have one, or I guess I still do. I used it to make lore breakdowns of games so at least I know how to edit. Maybe I will. I have to see if I can export videos I make here. Then I can edit them and post the longer instructional version on youtube. I haven't really thought about it yet to be honest. Ideally, I would like to have a centralized place to publish content where everyone can get an update from various platforms (youtube, tradingview, etc), being able to easily do polls would also be something I want. Maybe discord? I'm not sure. I haven't had time to think about it much. What do you think is the best answer?
ktrinh042
⋅
@imnotgoodatall, I think it is possible to export video from here to Youtube or vice versa. I mean Youtube would be a great platform where you could upload your content and it could reach out to a wider range of audiences (not to mention earn some passive incomes down the road). I have a couple of friends who are new to Crypto and they would like to learn more about TA but they've never heard of TradingViews. And since they're newbies it is very hard for them to navigate themselves among thousands of TA guys/girls here. And to be honest, you are providing a non-bizarre analysis, I've been on this platform for a couple of years and I could see super bizarre but popular analysts whose purpose is to shill 100000 different shitcoins and offer zero knowledge to viewers. That is being said, I show them your charts but I think they are deserved to listen to your explanation than hearing me talking haha. I believe you, you're really gifted with instructional skills and make complicated concepts sounds easy. People on these platforms like you and you can see your followers are going up every day. As I told you, I don't mind attending your class at all.
P/S: I found Discord is very distracting somehow. Maybe I'm on Discord for gaming not educational purposes haha
mysticalwalrus
⋅
@ktrinh042, Thank you so much! I really do appreciate all of the support and kind words. I just did not expect this at all. I have to agree with you, I see very strange interpretations of TA quite often, but again, that is ok because everyone can have their own opinion and use their own techniques. It is for that main reason that I rarely look at anyone else's pages. So, when my friends suggested I post publicly, I really did think my posts would end up getting lost in the mess of all of it. I did not consider for one second this would happen. I remember way way back I decided to follow someone's TA, against my better judgement, but I thought they might know something I don't. Well, surprise surprise it turned out being a horrible mistake. Though it didn't cost me too much (because I am a very risk adverse), I learned a good lesson from it. I remember the exact moment I told myself I would only follow my own TA because I have far better results that way. That is a big reason why I want everyone to learn for themselves and why I consider investing a very personal pursuit. I am very careful and do not like to take on risk, while other people may be the complete opposite, and that is perfectly fine because that is what will work for them (possibly). I would rather teach them what I know so they can make the correct judgements that they are comfortable with. That being said, I only want to use discord because I can program a bot that will push out my charts, videos, etc and give me all the functionality I want. I can make classrooms, get feedback using polls, and people can discuss what they believe is valuable using the patterns and techniques they learn from me. Maybe that is too much of an ideal scenario, but that is what I would like in the future.
LA_Designer
⋅
I agree with your analysis. Keep it up!
mysticalwalrus
⋅
@LA_Designer, Thank you very much! I appreciate the support!
aliengmt04
⋅
So this means that we might jump back into the bull run?
mysticalwalrus
⋅
@aliengmt04, This means we in an very short term uptrend until proven otherwise. Answering that would depend on what timeframe you are looking at really. The larger the timeframe, the more meaningful the trend is depending on how you are trading. So for now until proven otherwise, yes. Again, the trend lives in uncertainty because it has to be questioned at every peak and valley. I hope that helps, if you need me to expand on that I will.
mysticalwalrus
⋅
@aliengmt04, To be more clear, let's say you are a short term trader, this very short term trend matters to you a great deal. You would enter at the lows I have marked on the chart, and you would sell at the peak. If you are a longer term trader, you would want to see a peak above 2.62 with proper retracement for confirmation. So, it really depends on how you trade. You can find an opportunity at any timeframe, but to trade in any timeframe you must be familiar with all of the trends at different time intervals. You can expand the idea of trend analysis out to any type of trend (secular, primary, intermediate, etc). I hope this helps you and everyone else how to analyze a trend so you can look at any timeframe and have an understanding of what is happening. Does that make more sense?